The Sun Belt and the Midwest's Rust Belt offer many of America's biggest discounts. But they're not for resale.

Located just 40 miles south of Cleveland, Akron has a housing sector that suffers from many of the same problems its counterpart to the north faces.

"The decline of manufacturing has pulled prices down in many Rust Belt markets," Kolko says.

Trulia estimates that Akron home prices have dropped to 20.6% below what market fundamentals justify -- a big reversal from 2005, when valuations peaked at 19% above fair value.

But while long-term economic problems make Akron iffy for investors, Kolko says buying a home there looks like a good option for local consumers. Trulia estimates Rubber City residents can save 56% over seven years by buying properties to live in rather than renting.